On the Road with Goldman Sachs

Latest edition · August 10, 2026

On the Road with Goldman Sachs - European Edition What we learned on Tanks vs. Drones and German Defence Procurement

Goldman Sachs analysts discuss the future of German defense procurement with former Vice Chief of the German Army, highlighting the enduring importance of tanks and the necessity of rebuilding ammunition stocks. The report reiterates an undervalued view on Rheinmetall.

In this edition of 'On the Road with Goldman Sachs', Sam Burgess summarizes key insights from discussions on the future of German defense. The report emphasizes that despite debates around newer technologies like drones, conventional land forces and armored vehicles remain indispensable. The analysis covers the trajectory of German procurement, noting it is currently 'lumpy' but progress is being made in critical areas such as ammunition reserves. Rheinmetall is explicitly cited as an undervalued name within the firm's coverage of the sector.

Key takeaways from the latest edition

• 1.Conventional land forces, specifically tanks, remain critical to modern defense strategy despite the proliferation of drone technology.
• 2.German defense procurement is moving forward but remains lumpy, with a clear focus on the urgent need to rebuild national ammunition reserves.
• 3.Rheinmetall is viewed as undervalued by Goldman Sachs analysts within the current defense industry context.

What this series covers

• Topics
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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